Why Marvell Technology's Stock Is Trading Higher Today

Marvell Technology (NASDAQ: MRVL) shares are trading higher on Wednesday after Argus Research maintained its Buy rating on the stock and raised its price target from $40 to $50 per share.

Marvell Technology designs integrated circuits primarily for data storage, networking, and communications. Historically, the firm focused on storage, where it is still a key supplier to hard-disk drive and solid-state drive makers but has strategically emphasized networking to offset declining HDD technology.

The firm has since diversified via acquisitions and supplies chips to the networking and consumer electronic spaces. Marvell outsources its production to third-party foundries.

Marvell Technology traded up 4.24% to $40.85 per share on Wednesday. The stock has a 52-week high of $41.08 and a 52-week low of $16.45.